TOLL BROTHERS INC

Ticker: TOL CUSIP: 889478103 Class: COM

Municipal Employees' Retirement System of Michigan's Holding History (CIK: 0001588873)

Note: Option positions (PUT/CALL) are excluded.

Q1 2020

Shares 22,630 Value ($000) $436 Avg Close $37.84 Range $13.28 - $49.31

Q4 2019

Shares 23,960 Value ($000) $947 Avg Close $39.96 Range $38.41 - $41.62

Q3 2019

Shares 23,700 Value ($000) $973 Avg Close $36.87 Range $34.55 - $41.70

Q2 2019

Shares 24,800 Value ($000) $908 Avg Close $37.33 Range $34.55 - $39.58

Q1 2019

Shares 24,720 Value ($000) $895 Avg Close $35.94 Range $32.30 - $37.96

Q4 2018

Shares 33,090 Value ($000) $1,090 Avg Close $32.12 Range $28.68 - $34.36

Q2 2018

Shares 33,090 Value ($000) $1,224 Avg Close $40.96 Range $35.72 - $45.29

Q1 2018

Shares 44,420 Value ($000) $1,921 Avg Close $46.96 Range $42.57 - $52.73

Q4 2017

Shares 46,010 Value ($000) $2,209 Avg Close $46.01 Range $41.16 - $51.08

Q3 2017

Shares 46,010 Value ($000) $1,908 Avg Close $39.33 Range $36.55 - $41.60

Q2 2017

Shares 57,120 Value ($000) $2,257 Avg Close $37.32 Range $34.99 - $39.82

Q1 2017

Shares 69,160 Value ($000) $2,497 Avg Close $33.34 Range $30.45 - $37.28

Q4 2016

Shares 69,880 Value ($000) $2,166 Avg Close $29.64 Range $26.65 - $33.48

Q3 2016

Shares 68,520 Value ($000) $2,046 Avg Close $28.89 Range $26.19 - $32.25

Q2 2016

Shares 67,420 Value ($000) $1,814 Avg Close $28.10 Range $25.29 - $30.17

Q1 2016

Shares 51,670 Value ($000) $1,525 Avg Close $27.95 Range $23.75 - $33.39

Q4 2015

Shares 51,830 Value ($000) $1,726 Avg Close $35.68 Range $32.83 - $38.15

Q3 2015

Shares 51,570 Value ($000) $1,766 Avg Close $37.86 Range $33.71 - $42.19

Q2 2015

Shares 50,340 Value ($000) $1,922 Avg Close $37.44 Range $35.03 - $40.33

Q1 2015

Shares 49,000 Value ($000) $1,928 Avg Close $36.54 Range $32.19 - $39.84

Q4 2014

Shares 52,590 Value ($000) $1,802 Avg Close $32.62 Range $28.92 - $35.48

Q3 2014

Shares 45,300 Value ($000) $1,412 Avg Close $34.26 Range $31.14 - $37.62

Q2 2014

Shares 43,900 Value ($000) $1,620 Avg Close $35.46 Range $33.26 - $37.89

Q1 2014

Shares 43,900 Value ($000) $1,576 Avg Close $36.82 Range $34.50 - $39.95

Q4 2013

Shares 41,600 Value ($000) $1,539 Avg Close $33.17 Range $29.64 - $37.26

Q3 2013

Shares 24,800 Value ($000) $804 Avg Close $32.34 Range $29.85 - $35.26

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2020	22,630	$436	$37.84	$13.28 - $49.31
Q4 2019	23,960	$947	$39.96	$38.41 - $41.62
Q3 2019	23,700	$973	$36.87	$34.55 - $41.70
Q2 2019	24,800	$908	$37.33	$34.55 - $39.58
Q1 2019	24,720	$895	$35.94	$32.30 - $37.96
Q4 2018	33,090	$1,090	$32.12	$28.68 - $34.36
Q2 2018	33,090	$1,224	$40.96	$35.72 - $45.29
Q1 2018	44,420	$1,921	$46.96	$42.57 - $52.73
Q4 2017	46,010	$2,209	$46.01	$41.16 - $51.08
Q3 2017	46,010	$1,908	$39.33	$36.55 - $41.60
Q2 2017	57,120	$2,257	$37.32	$34.99 - $39.82
Q1 2017	69,160	$2,497	$33.34	$30.45 - $37.28
Q4 2016	69,880	$2,166	$29.64	$26.65 - $33.48
Q3 2016	68,520	$2,046	$28.89	$26.19 - $32.25
Q2 2016	67,420	$1,814	$28.10	$25.29 - $30.17
Q1 2016	51,670	$1,525	$27.95	$23.75 - $33.39
Q4 2015	51,830	$1,726	$35.68	$32.83 - $38.15
Q3 2015	51,570	$1,766	$37.86	$33.71 - $42.19
Q2 2015	50,340	$1,922	$37.44	$35.03 - $40.33
Q1 2015	49,000	$1,928	$36.54	$32.19 - $39.84
Q4 2014	52,590	$1,802	$32.62	$28.92 - $35.48
Q3 2014	45,300	$1,412	$34.26	$31.14 - $37.62
Q2 2014	43,900	$1,620	$35.46	$33.26 - $37.89
Q1 2014	43,900	$1,576	$36.82	$34.50 - $39.95
Q4 2013	41,600	$1,539	$33.17	$29.64 - $37.26
Q3 2013	24,800	$804	$32.34	$29.85 - $35.26